Finland Times

The government in its additional budget has proposed to grant 38.5 million euro to increase the equity of the Terraframe Group's shareholder.

The government proposal, however, said that the same amount will be cancelled from the money granted to the Talvivaara bankruptcy estate.

The state recapitalised Terraframe Group last year with a total of 209 million euros for the former Talvivaara mine ownership and financing arrangements.

Terraframe acquired the business and assets from the Talvivaara Sotkamo bankruptcy estate.

Beginning in autumn, Terraframe has been restarting operations of the Sotkamo mine.

According to the Finance Committee, the state must, however, set criteria to choose between the closure of the mine or the continuation of the operation.

According to the State Committee, the state must be prepared for continued operation through significant additional financing.